Upon completion of the definitive agreements and legalization steps, Barrick will update the original feasibility study, which is expected to take almost two years.
SEATTLE (Scrap Monster): Barrick Gold Corporation announced that it plans to complete the first phase of the Reko Diq copper-gold project in Pakistan by 2027-’28. The company aims to convert it into a world-class mine, which in turn will transform the Balochistan province of the country.
The project had been on hold since 2011. The company had reached a framework agreement with the Government of Pakistan and the provincial administration of Balochistan towards restart of the project.
Upon completion of the definitive agreements and legalization steps, Barrick will update the original feasibility study, which is expected to take almost two years. This will be followed by construction of the first phase of the project. The first production is expected by 2027-’28, said the company press release issued after the meeting between Pakistan Finance Minister Miftah Ismail and Barrick Gold President and CEO Mark Bristow.
The Reko Diq mine development is considered as the largest direct foreign investment in Balochistan and one of the largest investments in the country so far.
In the initial phase, the plant will be capable to process around 40 million tonnes of ore per annum. At the peak of construction phase, the mine will employ up to 7,500 people. Upon production, the project is expected to create approximately 4,000 long-term jobs.
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